I have given rs. 2,00,000/- as gift to my dad

yes it is not taxable

                If Rs.2,00,000/- is given by daughter to his father how it will be taxable again in the hands of father???As per my knowledge is concerned the father's income at last will be only Rs.2,25,000 only..........

no it is not taxable,any gift given to the following persons(relatives) will not be taxable

relaTive for this purpose is

SPOUSE OF THE INDIVIDUAL

BROTHER OR SISTER OF THE INDIVIDUAL

BROTHER OR SISTER OF SPOUSE OF THE INDIVIDUAL

BROTHER OR SISTER OF EITHER OF THE PARENTS OF INDIVIDUAL AND SPOUSE

ANY LINIAL ASCENDANT OR DESCENDANT OF THE INDIVIDUAL

ANY LINIAL ASCENDANT OT DESCENDANT OF THE SPOUSE OF THE INDIVIDUAL

SPOUSES OF ALL THE ABOVE MENTIONED

NO,ANY GIFT GIVEN T O FATHER IS EXEMPT.FURTHUR NO DEDUCTION SHALL BE AVAILABLE TO YOU FOR SUCH GIFT

NO,ANY GIFT GIVEN T O FATHER IS EXEMPT.FURTHUR NO DEDUCTION SHALL BE AVAILABLE TO YOU FOR SUCH GIFT

In the books of father - 200000 is exempt

In the books of daughter - 200000 is taxable

In A.Y. 2013-14

Money earned by duughter is not taxable as it on or below basic exemption limit.

Abbasali

               Hey friend,you can give whatever amount you want to your father because it wont be taxable.As you have gained an amount by selling a Capital asset and the amount generated from that will be your Capital gain and you have to pay the tax accordingly...

Hello Guru's

1. > when filling the ITR-1 , under which head this will be put (i mean 80c, d,etc..) ?

2.> I have transfred from my account to my relative (Spouse, father, brother, brother in law) account , is it considered as  Gift  ?

Please reply

Regards

Aakash Jha